
\begin{tabular}{l c c c c c c}
\toprule
 & \multicolumn{6}{c}{Cross-Currency Basis (bps)} \\
\cmidrule(lr){2-7}
 & (1) & (2) & (3) & (4) & (5) & (6) \\
\midrule
USD NIIP / GDP            & $-21.09^{***}$ & $-16.18^{*}$ &               &               &              &           \\
                          & $(7.67)$       & $(8.57)$     &               &               &              &           \\
USD Debt Holdings / GDP   &                &              & $-27.40^{**}$ & $-23.13^{**}$ &              &           \\
                          &                &              & $(11.32)$     & $(11.24)$     &              &           \\
USD Equity Holdings / GDP &                &              &               &               & $-24.46^{*}$ & $-9.50$   \\
                          &                &              &               &               & $(12.57)$    & $(19.22)$ \\
FX Vol.                   & $-1.55^{**}$   & $0.97$       & $-1.08$       & $1.45$        & $-1.33^{*}$  & $1.67$    \\
                          & $(0.65)$       & $(1.49)$     & $(0.88)$      & $(1.41)$      & $(0.81)$     & $(1.93)$  \\
\midrule
Fixed Effects             &                & Month        &               & Month         &              & Month     \\
Num. obs.                 & $2363$         & $2363$       & $2363$        & $2363$        & $2363$       & $2363$    \\
R$^2$ (full model)        & $0.19$         & $0.38$       & $0.17$        & $0.40$        & $0.08$       & $0.30$    \\
R$^2$ (proj model)        & $0.19$         & $0.16$       & $0.17$        & $0.19$        & $0.08$       & $0.05$    \\
\bottomrule
\end{tabular}
